Rebuilding the 350:
Pros:
* Cost-effective (potentially): If the 350's block and internals are salvageable, a rebuild could be cheaper than a 454 swap. However, this depends heavily on the extent of the needed work. A "lot of work" suggests it might not be significantly cheaper.
* Keeps it original (partially): Maintaining some originality can be important to some El Camino enthusiasts, especially if it's a relatively unmolested example.
* Lighter weight: The 350 is considerably lighter than a 454, which can improve handling and acceleration (somewhat negated by needing more power).
Cons:
* May not be enough power: A rebuilt 350 might not deliver the performance you desire.
* Cost uncertainty: The cost of a rebuild can escalate quickly if unforeseen problems arise.
* Time-consuming: A rebuild is a significant undertaking.
Swapping in a 454:
Pros:
* Significant power increase: A 454 will deliver substantially more power and torque.
* More satisfying driving experience (potentially): The extra power can make a big difference, especially if the car currently feels underpowered.
Cons:
* Expensive: A 454 swap is a much more expensive undertaking, encompassing engine cost, transmission compatibility (likely requiring an upgrade), modifications to fit the larger engine, potentially new mounts, exhaust system, and possibly other related upgrades.
* Heavier weight: The added weight of the 454 will negatively impact handling, braking, and acceleration (despite having more power, the weight is a counterbalance). This is especially noticeable in a relatively lightweight car like an El Camino.
* More complex: The swap requires more mechanical expertise or a higher expense for professional installation.
* Potential drivetrain issues: The increased torque of a 454 might overstress the original drivetrain components if not upgraded (rear end, transmission).
To help you decide:
1. Assess the 350's condition: Get a thorough inspection from a qualified mechanic. Determine the exact extent of the damage and get a detailed quote for a rebuild. This quote should detail every part needed, labor costs, etc., so you have an accurate idea.
2. Determine your budget: How much are you willing to spend? Get a comprehensive estimate for the 454 swap, including all associated costs.
3. Consider your performance goals: How much power do you really need? A built 350 can be surprisingly potent. Do you want a drag strip monster or something more balanced for street driving?
4. Think about handling and drivetrain: The added weight of the 454 will impact your El Camino's handling and potentially the life expectancy of your transmission and rear end.
5. Factor in your mechanical skills (or cost of professional labor): Both a rebuild and a swap are significant projects. Factor in the cost of professional labor if you lack the skills or tools.
In short: If the 350's damage is extensive and you crave significantly more power, the 454 swap might be worth the expense, but it's a major commitment. If the 350's damage is manageable and budget is a primary concern, a rebuild could be a more sensible route—especially considering the added weight and potential drivetrain issues of a 454 in a car like an El Camino. Get those detailed quotes before making a final decision.